A new escrow thread for a new housing market...

NEW -> Contingent Buyer Assistance Program
[quote author="usctrojanman29" date=1244771220][quote author="ipoplaya" date=1244757438]Oy, <a href="http://www.redfin.com/CA/Irvine/12-Inglenook-92602/home/7213168">here's a new listing</a> that might have trouble making it to escrow... I smell a blog profile coming on.</blockquote>
List price = purchase price + anticipated closing costs (including commissions). The guy should just mail in the keys because this property is worth about $800k-$850k in this crazy market.</blockquote>




No doubt. Tiny lot too. I never understood the appeal of a big house on such a small chunk of land.
 
[quote author="IACRenter" date=1244766142]Actually this is the <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile.htm">Campanile tract within NorthPark Square</a>. All built recently around 2006 during the bubble. I actually like these homes but the prices were way too high. I suspect there was some toxic financing going on to purchase here and now the recent home buyers are looking for a way out.

</blockquote>


Is it just me, or is Campanile just plain fugly compared to the rest of Northpark Square? Me thinks NP Square has some really attractive homes --- Even the much smaller Tiburon detached townhouses across the street are more attractive than the Campanile monstrosities. I would think that Campanile is going to have a really hard time holding at the same price points as similarly priced and sized homes in NP Square like Trianna and Rutherford. And I think both of those are in the gated part of NP Square (Bella Rosa)?



Look out below.
 
[quote author="CK" date=1244772899][quote author="IACRenter" date=1244766142]Actually this is the <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile.htm">Campanile tract within NorthPark Square</a>. All built recently around 2006 during the bubble. I actually like these homes but the prices were way too high. I suspect there was some toxic financing going on to purchase here and now the recent home buyers are looking for a way out.

</blockquote>


Is it just me, or is Campanile just plain fugly compared to the rest of Northpark Square? Me thinks NP Square has some really attractive homes --- Even the much smaller Tiburon detached townhouses across the street are more attractive than the Campanile monstrosities. I would think that Campanile is going to have a really hard time holding at the same price points as similarly priced and sized homes in NP Square like Trianna and Rutherford. And I think both of those are in the gated part of NP Square (Bella Rosa)?



Look out below.</blockquote>


Campanile is essentially the same as Portisol in WB right? Those are holding up fine... While not fabulous, I don't mind this particular Cal Pac design. Heck, we even considered Portisol back in the day.
 
[quote author="ipoplaya" date=1244773110]

Campanile is essentially the same as Portisol in WB right? Those are holding up fine... While not fabulous, I don't mind this particular Cal Pac design. Heck, we even considered Portisol back in the day.</blockquote>


We considered Campanile back in the day, too. Back when nobody cared that we could not really afford it. I still think they are ugly, though.
 
[quote author="CK" date=1244773495][quote author="ipoplaya" date=1244773110]

Campanile is essentially the same as Portisol in WB right? Those are holding up fine... While not fabulous, I don't mind this particular Cal Pac design. Heck, we even considered Portisol back in the day.</blockquote>


We considered Campanile back in the day, too. Back when nobody cared that we could not really afford it. I still think they are ugly, though.</blockquote>


Inner beauty is what really counts CK, <em>at least that's what your wife told me</em>, and they are fine on the inside...



Bam, wink-wink, ka-chow! :P
 
[quote author="etheran" date=1244797886]Would be interesting to see if the back up in rates will slow down the number of escrows that IPO has been posting up.</blockquote>


Just checked my list and there were quite a few cancels this past week. I found 7-8 that went back active, definitely a higher pace than usual... Guess the higher rates is having an effect.
 
[quote author="ipoplaya" date=1244818463][quote author="etheran" date=1244797886]Would be interesting to see if the back up in rates will slow down the number of escrows that IPO has been posting up.</blockquote>


Just checked my list and there were quite a few cancels this past week. I found 7-8 that went back active, definitely a higher pace than usual... Guess the higher rates is having an effect.</blockquote>


Whenever I read someone asking for an informed poster to research and post more info, I say to myself, "Why don't they research it themselves, the lazy whatevers?!"



But, I think I know where you are getting your going into escrow info, and ...



Would it be too much trouble to also post the number of properties that are listed for sale that week and/or have gone active again?



If you post, "6 homes have gone into escrow", I can not help but wonder, Okay, but did 18 homes just go on the market? Or did 10 fall out of escrow and become active?
 
[quote author="awgee" date=1244837569][quote author="ipoplaya" date=1244818463][quote author="etheran" date=1244797886]Would be interesting to see if the back up in rates will slow down the number of escrows that IPO has been posting up.</blockquote>


Just checked my list and there were quite a few cancels this past week. I found 7-8 that went back active, definitely a higher pace than usual... Guess the higher rates is having an effect.</blockquote>


Whenever I read someone asking for an informed poster to research and post more info, I say to myself, "Why don't they research it themselves, the lazy whatevers?!"



But, I think I know where you are getting your going into escrow info, and ...



Would it be too much trouble to also post the number of properties that are listed for sale that week and/or have gone active again?



If you post, "6 homes have gone into escrow", I can not help but wonder, Okay, but did 18 homes just go on the market? Or did 10 fall out of escrow and become active?</blockquote>


I hear ya and understand, but its an impossibility for me to create such stats. I'd love to have a weekly scorecard with new listings, new escrows, cancels, etc. Unfortunately the data I get isn't searchable. I just get a list that is refreshed twice per day. In order to determine new listings for the week, I would have to manual note each one that popped up every time I checked (could miss some) and compile the numbers. Same with cancels. I have to go back through every single item on my "list" and look at it indiviually to determine current status. That is a couple of hundred mouse clicks right there alone... That's why I only do it once per week or so. It's arduous.
 
[quote author="ipoplaya" date=1244845924][quote author="awgee" date=1244837569][quote author="ipoplaya" date=1244818463][quote author="etheran" date=1244797886]Would be interesting to see if the back up in rates will slow down the number of escrows that IPO has been posting up.</blockquote>


Just checked my list and there were quite a few cancels this past week. I found 7-8 that went back active, definitely a higher pace than usual... Guess the higher rates is having an effect.</blockquote>


Whenever I read someone asking for an informed poster to research and post more info, I say to myself, "Why don't they research it themselves, the lazy whatevers?!"



But, I think I know where you are getting your going into escrow info, and ...



Would it be too much trouble to also post the number of properties that are listed for sale that week and/or have gone active again?



If you post, "6 homes have gone into escrow", I can not help but wonder, Okay, but did 18 homes just go on the market? Or did 10 fall out of escrow and become active?</blockquote>


I hear ya and understand, but its an impossibility for me to create such stats. I'd love to have a weekly scorecard with new listings, new escrows, cancels, etc. Unfortunately the data I get isn't searchable. I just get a list that is refreshed twice per day. In order to determine new listings for the week, I would have to manual note each one that popped up every time I checked (could miss some) and compile the numbers. Same with cancels. I have to go back through every single item on my "list" and look at it indiviually to determine current status. That is a couple of hundred mouse clicks right there alone... That's why I only do it once per week or so. It's arduous.</blockquote>


Totally understand. I should have figured it out, because I do something like that for Coto, which is a much smaller data base. It takes me 1/2 hour every morning to update.
 
This isn't from a huge population, but from the couple of buyer MLS searches that I have set up I noticed that there were a few properties that fell out of escrow the past 2-3 days (from back-up offer to active).
 
[quote author="usctrojanman29" date=1244860157]This isn't from a huge population, but from the couple of buyer MLS searches that I have set up I noticed that there were a few properties that fell out of escrow the past 2-3 days (from back-up offer to active).</blockquote>


I wonder if rising interest rates caused people without rate locks to decide they could no longer afford the house.
 
[quote author="nomogy" date=1245120778]USC or anybody,



Can you provide links to those houses that fell out of escrow?



Thx.</blockquote>


They are indicated in gray highlights, the ones I found, on my web site.
 
[quote author="nomogy" date=1245120778]USC or anybody,



Can you provide links to those houses that fell out of escrow?



Thx.</blockquote>
I don't have any links to those properties as they come from the active MLS searches that I have set up for my buyers. But here is a quick list of properties that have fell out of escrow the past week that I have seen:



46 Deer Track

15 Sovente

77 Trailwood

5 Carmichael
 
[quote author="26w100k+" date=1244771740][quote author="usctrojanman29" date=1244771220][quote author="ipoplaya" date=1244757438]Oy, <a href="http://www.redfin.com/CA/Irvine/12-Inglenook-92602/home/7213168">here's a new listing</a> that might have trouble making it to escrow... I smell a blog profile coming on.</blockquote>
List price = purchase price + anticipated closing costs (including commissions). The guy should just mail in the keys because this property is worth about $800k-$850k in this crazy market.</blockquote>




No doubt. Tiny lot too. I never understood the appeal of a big house on such a small chunk of land.</blockquote>
Welcome to 80%+ of homes in Irvine, especially the newer ones.
 
[quote author="ipoplaya" date=1244757438]Oy, <a href="http://www.redfin.com/CA/Irvine/12-Inglenook-92602/home/7213168">here's a new listing</a> that might have trouble making it to escrow... I smell a blog profile coming on.</blockquote>


It is scheduled for Wednesday along with another WTF priced property in Turtle Ridge.
 
[quote author="usctrojanman29" date=1245132826][quote author="nomogy" date=1245120778]USC or anybody,



Can you provide links to those houses that fell out of escrow?



Thx.</blockquote>
I don't have any links to those properties as they come from the active MLS searches that I have set up for my buyers. But here is a quick list of properties that have fell out of escrow the past week that I have seen:



46 Deer Track

15 Sovente

77 Trailwood

5 Carmichael</blockquote>


5 Carmichael went pretty much right back into escrow. I never saw 77 Trailwood go under contract... It's not showing as active right now as far as I can see.



I just added <a href="http://www.ipoplaya.com/">26 new escrow entrants</a> from the past five days. Had one go back active, 6 Milagra, since my last update.



I have 185 homes tracked that are in escrow and but not yet pending sale. That is 30% of the currently indicated 614 units on the market in Irvine...
 
[quote author="ipoplaya" date=1245135735][quote author="usctrojanman29" date=1245132826][quote author="nomogy" date=1245120778]USC or anybody,



Can you provide links to those houses that fell out of escrow?



Thx.</blockquote>
I don't have any links to those properties as they come from the active MLS searches that I have set up for my buyers. But here is a quick list of properties that have fell out of escrow the past week that I have seen:



46 Deer Track

15 Sovente

77 Trailwood

5 Carmichael</blockquote>


5 Carmichael went pretty much right back into escrow. I never saw 77 Trailwood go under contract... It's not showing as active right now as far as I can see.



I just added <a href="http://www.ipoplaya.com/">26 new escrow entrants</a> from the past five days. Had one go back active, 6 Milagra, since my last update.



I have 185 homes tracked that are in escrow and but not yet pending sale. That is 30% of the currently indicated 614 units on the market in Irvine...</blockquote>
Just to throw a little wrinkle out there. Many of the short sales that are in "back-up offer" status really shouldn't be classified as being in escrow because the agents change the status as soon as they send a handful of offers to the lender/s for their approval (non-approved short sales) and no escrow has been opened. It's merely a way for the listing agent not to receive anymore offers. I personally know of 2 short sale listings that fall into this category. Just another reason why the inventory level is artificially low.
 
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